New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the first quarter ended March 31, 2023.
During the three months ended March 31, 2023, the Company reported a net income applicable to common shares for the three months ended March 31,2022 of $17,000, compared to net income of $5,000 for the three months ended March 31, 2022.
For the three months ended March 31, 2023 and 2022 the Company had revenue of $45,000 including $25,000 for rental income and $20,000 in management fees.
For the three months ended March 31, 2023, corporate general & administrative expenses were $68,000 as compared to $80,000 for the comparable periods in 2022.
For the three months ended March 31, 2023 and 2022 interest income was $52,000.
About New Concept Energy, Inc.
New Concept Energy, Inc. is a Dallas-based company which owns real estate in West Virginia and provides management services for a third party oil and gas company. For more information, visit the Company’s website at www.newconceptenergy.com.
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS |
| (amounts in thousands) |
|
|
March 31, 2023 |
|
December 31, 2022 |
| Assets |
(Unaudited)
|
|
(Audited)
|
|
|
|
|
| Current assets |
|
|
|
| Cash and cash equivalents |
$
|
437
|
|
$
|
436
|
| Note receivable and accrued interest from related party |
|
3,542
|
|
|
3,542
|
| Other current assets |
|
62
|
|
|
30
|
| Total current assets |
|
4,041
|
|
|
4,008
|
|
|
|
|
| Property and equipment, net of depreciation |
|
|
|
| Land, buildings and equipment |
|
628
|
|
|
631
|
|
|
|
|
| Total assets |
$
|
4,669
|
|
$
|
4,639
|
|
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS - CONTINUED |
| (dollars in thousands, except par value amount) |
|
|
|
|
|
|
March 31, 2023 |
|
December 31, 2022 |
|
(Unaudited) |
|
(Audited) |
| Liabilities and stockholders' equity |
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
| Accounts payable - (including $8 due to related parties in 2023 and 2022) |
$
|
55
|
|
|
$
|
23
|
|
| Accrued expenses |
|
21
|
|
|
|
40
|
|
| Total current liabilities |
|
76
|
|
|
|
63
|
|
|
|
|
|
|
|
|
|
| Stockholders' equity |
|
|
|
| Preferred stock, Series B |
|
1
|
|
|
|
1
|
|
| Common stock, $.01 par value; authorized, 100,000,000 |
|
|
|
| shares; issued and outstanding, 5,131,934 shares |
|
|
|
| at March 31, 2023 and December 31, 2022 |
|
51
|
|
|
|
51
|
|
| Additional paid-in capital |
|
63,579
|
|
|
|
63,579
|
|
| Accumulated deficit |
|
(59,038
|
)
|
|
|
(59,055
|
)
|
|
|
|
|
| Total shareholders' equity |
|
4,593
|
|
|
|
4,576
|
|
|
|
|
|
| Total liabilities & equity |
$
|
4,669
|
|
|
$
|
4,639
|
|
|
| NEW CONCEPT ENERGY, INC AND SUBSIDIARIES |
| CONSOLIDATED STATEMENT OF OPERATIONS |
|
(unaudited)
|
| (amounts in thousands, except per share data) |
|
|
|
|
|
|
For the Three Months ended March 31, |
|
|
|
2023
|
|
|
|
2022
|
|
|
| Revenue |
|
|
|
|
| Rent |
$
|
25
|
|
|
$
|
25
|
|
|
| Management fees |
|
20
|
|
|
|
20
|
|
|
|
Total Revenues
|
|
45
|
|
|
|
45
|
|
|
|
|
|
|
|
| Operating expenses |
|
|
|
|
| Operating expenses |
|
12
|
|
|
|
12
|
|
|
| Corporate general and administrative |
|
68
|
|
|
|
80
|
|
|
|
Total Operating Expenses
|
|
80
|
|
|
|
92
|
|
|
| Operating (loss) |
|
(35
|
)
|
|
|
(47
|
)
|
|
|
|
|
|
|
| Other income (expense) |
|
|
|
|
| Interest income from related parties |
|
52
|
|
|
|
52
|
|
|
|
|
|
|
|
| Earnings (loss) applicable to common shares |
|
17
|
|
|
|
5
|
|
|
|
|
|
|
|
| Net income (loss) per common share-basic and diluted |
$
|
0.01
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
| Weighted average common and equivalent shares outstanding - basic |
|
5,132
|
|
|
|
5,132
|
|
|
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